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Mini Case 04: Nigerian naira Floated On Friday June 17, 2016, the Central Bank of...

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Mini Case 04: Nigerian naira Floated On Friday June 17, 2016, the Central Bank of Nigeria (CBN) abandoned the Nigerian naira's (NGN or N ) fixed exchange rate and allowed the currency to float. Previously fixed against the U.S. dollar at NGN 196.50 =1.00 USD, the naira closed at NGN 279.50/USD on Monday June 20, the first day of trading following the float. The naira quickly quickly floated (sunk) to NGN 324.50/ USD first day of trading following the float. The naira quickly quickly floated (sunk by August 18. Similarly, the fell from NGN June 20, and NGN 347.7721/EUR on August 18. a. What was the percentage change in the value of the Nigerian naira versus the dollar the first trading day? b. What was the percentage change in the value of the naira versus the dollar by August 18,2016 ? c. What was the percentage change in the value of the Nigerian naira verus the euro the first trading day? d. What was the percentage change in the value of hte naira versus the euro by August 18,2016

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